Paul Krugman: Economist Or Politician?

As Jimmy Durante sometimes said, " Everybody wants to get into the act". 

Give an economist a Nobel Prize and suddenly he wants to parlay himself into a bleeding-heart liberal politician and maybe run for the senate. Like we need another Jew in the senate. Krugman's piece in todays NYT says that California's budget problems started with the passage of Propostion 13 in 1978. Prop 13 was a property tax limitation initiative and also required a 2/3 majority vote by the legislature to raise income taxes. It passed overwhelmingly. I paid property taxes pre-Prop 13. I kept up with the never-ending increases. But many could not. Many older people lost or had to sell their homes because they couldn't keep up with taxes.

Krugman wants Propostion 13 repealed. He presumably wants unlimited tax and spending in its place. He sounds more like a bleeding-heart liberal politician than a disciplined economist who is guided by prudent, realistic policies.

Paul Krugman & Nobel Prize : Money For Free

"What goes around comes around".

And so the example set by wasteful governments of spending money foolishly over the years has trickled down into the private sector. Take the recent example of The Royal Swedish Academy of Sciences. They administer the Nobel Prize every year. This year the Nobel Prize for Economics and its $1.4 million cash prize was awarded to Paul Krugman of Princeton University and he is also a N.Y.T. columnist.

Mr.Krugman's acclaimed thesis dealt with the reasons why people like to choose from a diversity of products . And also what determines where a manufacturing plant should be built. Krugman wrote thousands of pages since this 1979 brainstorm was posited by him.

Pardon me Paul, but wouldn't this rhetorical question about a desire for choice be more to the point, " Why does the chicken cross the road ? ". And concerning the optimum location of manufacturing plants, you should just recall what Bonnie and Clyde said why they robbed [went to ] banks. " Because that's where the money is !".